The term, “turnkey,” gets bandied around quite a bit in the world of white label prepaid card software and platforms. Yet, one provider’s version of what that means may be different than what it means to businesses seeking the services, according to Steven Foster, Founder, KnowByLity (KBL). He recommends that businesses understand what makes a good program on both the backend and in the card itself by learning a few fintech basics.
KBL is a leader in development of custom mobile and desktop platforms and customer experience platforms, including software solutions for white label program platforms. Here are some things Foster says businesses should ask about when interviewing software solutions providers who boast “turnkey” services:
- Custom-built: Be sure the program is not one-size-fits all. The platform and software provider should clearly understand why the business wants to start a program, what their specific marketing goals are, and who the customer base is. They also should allow for flexibility in the program should data show that changes should be made. Any provider that presents a proposal without asking lots of questions up front is not the right partner – for anyone.
- Integration: Ensure upfront that the software works seamlessly with the business’s existing systems, websites, etc.
- The Team: Find out the level of expertise the provider’s executive team has in the fintech and prepaid card realms. Be sure the organization has dedicated compliance and risk assessment plans, a highly skilled IT team and a collaborative and innovative corporate culture.
- Identity: The business’s logo, brand colors and fonts should be applied to all interface points to exact specification, even the API reference. Likewise, the business’s own domain names/URLs should be reflected.
- Analytics: Improving the customer experience and revenue growth are the overriding goals so data mining is essential. The provider should measure and monitor information and provide reports that are actionable.
- Relationships: The right white label provider absolutely must have relationships with sponsor banks, acquirers, central payment networks and other service providers and be well-versed in alternative payment method. They must also have relationships with regulatory bodies and be adept in acquiring and maintaining licenses and ensuring all compliance rules are adhered to.
“Always beware of the terms, “turnkey” and custom.” The fact is, no two companies need the same exact solution so it’s important to know the basics before you move forward. You would be amazed at what a few informed questions can reveal when you are deciding between software solutions providers,” Foster stressed. “KBL does detailed interviews with potential clients before we make any recommendations for what software and platforms would fit their needs and goals.”
About KnowByLity: KBL offers comprehensive mobile and desktop platforms tailored to clients’ varying needs along with customer experience platforms. Its software solutions ensure white label programs are rich in features and functions, simple to use, graphically appealing, and above all else, compliant with all financial services’ regulatory requirements. For more information on KBL and its solutions, please visit http://www.kblholdings.com and http://www.bancked.com.